各國的股票市場無不以流動性、活絡性為主要發展目標，然在我國目前法令規範，上市櫃公司面額固定且須為十元，可能與此目標背道而馳。本文即從法律的角度探討股票之票面金額股制度存在之必要性，並以實證分析探討面額制度對股票流通性暨股利政策之影響。綜合相關文獻探討與本文實證研究分析，上市櫃公司面額固定且須為十元之規定並不利於高價股之流通，且票面金額股制對於目前政府推行海外企業來台上市之政策亦有所影響，而考量現存制度之潛在缺失且在我國證券市場發展愈趨成熟之際，或可引入無面額股票制度，在相關配套措施輔助下，無面額股票制度之推行，除能活絡股票之流通性外，且能促使公司自主的採行健全之股利政策，並有益於吸引海外企業來台上市，對台灣證券市場之國際化不啻是一種幫助。 / This research focuses on the par value stock system, and examines the par value system in Taiwan to see the influence on the liquidity of stock shares and the corporation’s dividend policy. Evidence reveals that the par value of stock certificates with par value of NT $10 has a negative impact on liquidity. Besides, current policy, listing in Taiwan by foreign issuers, is hard to be implemented smoothly because of the par value stock system. Considering the potential weakness of the existing system, perhaps we can adopt no par value stock and other alternatives. After we adopt the new system, we not only improve the liquidity of stock shares, but also encourage enterprises to adopt healthy dividend policy on their own way. Moreover, it’ll upgrade both the internationalization and competitiveness of Taiwan’s capital market.